Applicants To Get Second Chance On Mortgage
Newcastle Herald
Tuesday January 28, 2003
COMMONWEALTH Bank of Australia Ltd customers who are knocked back for home loans from Australia's biggest mortgage provider will soon be referred to Bluestone Mortgages for a second chance.
CBA has signed an agreement with Bluestone to provide loans to its customers, including part-time workers and self-employed people, who do not fit the bank's usual lending criteria from February 17.
CBA executive general manager retail customer services Nick Kennett said there were invariably some borrowers who did not meet the bank's standard lending criteria.
Bluestone chief executive Alistair Jeffery said demand for specialist home loan products was on the rise, with the sector expected to grow to represent up to 6 per cent of the total mortgage market by 2006.
Mr Jeffery said Bluestone was holding talks with Australia's other major banks about setting up similar agreements.
The specialist lender already has agreements in place with other lenders including St George Bank Ltd, BankWest Ltd and Wizard.
© 2003 Newcastle Herald
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